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Public Sector Pension Ruling and the Armed Forces

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The consultation document does not go into that sort of detail I'm afraid. If you are a member of the Forces Pension Society our Pensions Team will be happy to help. If you are not a member but would like to know more about us visit www.forcespensionsociety.org
 
Why not join the FPS.

I don’t think they’ll fund help as the requirement is to put u back as you were. It’s nice that you’ve got the option of staying on 15 because there will be some for whom this is a better place to be, financially.
 
Vauxhall said:
The consultation document does not go into that sort of detail I'm afraid. If you are a member of the Forces Pension Society our Pensions Team will be happy to help. If you are not a member but would like to know more about us visit www.forcespensionsociety.org
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Will there be detailed analysis from the Pension Society on this at some point? Or will it only be offered on a one to one basis?

For example: If someone has 15 years of the 75 scheme and 7 years on the much maligned 15 scheme, would they be better sticking or twisting?
 
A
Spearmint said:
Will there be detailed analysis from the Pension Society on this at some point? Or will it only be offered on a one to one basis?

For example: If someone has 15 years of the 75 scheme and 7 years on the much maligned 15 scheme, would they be better sticking or twisting?
Click to expand...

lt depends on if you're a gambling man. Would you rather more money at your 22 year point with the ability to commute more or have a bit at your 22 year point and a larger pension at SPA? It all depends on how you work your sums for your life. Sure at some point the AFPS15 would get you more money than the 75 did, but would you be too old to enjoy it?

Disclaimer, I don't know what I'm talking about, that's just my view on it.
 
The usual automated response from HR "we cannot give advice on pensions" - which i understand. However, we had a brief last year from a very presentable Sqn Ldr from the Pay Team @ MOD Main.

She said that there WILL be pension information with actual figures provided, but obvs dependent on the actual outcome of the Pension Review.

Also, I am sure the FPS will be providing their analysis once known, but for individual cases i would suggest joining the FPS - £40 a year for for advice that may cost you 10's of thousands later down the line? Well worth it imo :)
 
2024 is my 30yrs, so 28yrs on the 75 and 2yrs on the 15 it seems for me.

I can't see any benefit of switching to the 15 any earlier - but will wait for the updated calculator and FPS advice.
 
This could work well for me. As part of job selection I've ended up signed to age 57 which meant 2 years of zero pension growth but a job that I really enjoyed. I am full on 75. So now my75 finishes in 2022 as planned but I can now accrue 2 years of 15 as well, probably won't be much, but even something small is better than nothing.
 
Dan_Brown said:
The usual automated response from HR "we cannot give advice on pensions" - which i understand. However, we had a brief last year from a very presentable Sqn Ldr from the Pay Team @ MOD Main.

She said that there WILL be pension information with actual figures provided, but obvs dependent on the actual outcome of the Pension Review.

Also, I am sure the FPS will be providing their analysis once known, but for individual cases i would suggest joining the FPS - £40 a year for for advice that may cost you 10's of thousands later down the line? Well worth it imo :)
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Yup, joined a good month or so back. I was just floating it out there on who, how, what, where, when, why about the route to acquiring the answer we will all be seeking.
 
Vauxhall, is there any news about when the calculator will be updated? Not that it affects my decision, but it would be nice to be able to see what my EDP income will be. I will have 6 years extra 05, so I’m hoping it’s a significant jump.
 
MOD have told us that they need to establish the 'when' part of the remedy (eg. within a certain time frame VS when the benefits become due) before they launch a calculator.
 
Vauxhall

I’m a member of the AFPS, but this question may be of interest to others.

Right now I’m 05/15, but intend to go pure 05 whenever I can. I understand that I can commute my 15 pension... if I do that, like thousands of others, because I can -what happens if/ when I go purely 05. I will have a debt to repay, but by what mechanism? I have to apply for my pension in the very near future, so I’ve not got all the facts to base any decision on.
 
Spearmint said:
Will there be detailed analysis from the Pension Society on this at some point? Or will it only be offered on a one to one basis?

For example: If someone has 15 years of the 75 scheme and 7 years on the much maligned 15 scheme, would they be better sticking or twisting?
Click to expand...
What my colleagues would do is set out the alternatives.
 
Captain Kirk said:
Vauxhall

I’m a member of the AFPS, but this question may be of interest to others.

Right now I’m 05/15, but intend to go pure 05 whenever I can. I understand that I can commute my 15 pension... if I do that, like thousands of others, because I can -what happens if/ when I go purely 05. I will have a debt to repay, but by what mechanism? I have to apply for my pension in the very near future, so I’ve not got all the facts to base any decision on.
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AFPS 15 pension benefits can be commuted to generate a lump sum - yes.

If you were in AFPS 05 who transferred to AFPS 15, who commuted and drew AFPS 15 benefits before transferring back to AFPS 05 as a result of the McCloud judgement, you can expect MOD to do a balancing calculation. It was covered in the consultation document (it covered people who have already crystallised benefits before the 'remedy') but, as an FSP member, I am sure my colleagues will cover that when you ask them.
 
I retired in Apr 16 with an AFPS 75 immediate pension in payment. I elected to take full commutation. I was left with around a year in the AFPS 15 scheme. After almost 4 years as a Civvy I rejoined in Mar 20. My assumption is that I will be offered a choice at some point to either switch this single year to the ‘75 or leave as is, in the ‘15? My new service (likely to be 12-15 years) is obviously ‘15 scheme. I am wondering whether it will make much difference what I elect to do (but I get it is only a single year)!? Also, I am in the process of transferring in a £12K pot from a private pension whilst out of the Service for those near-4 years and I am assuming this, once its value to my AFPS is determined, will have to be ‘credited’ to my ‘15 scheme figures. I am waiting to hear what difference this small amount will make but my thinking is it may partially plug the 4 year hole. Any thoughts?
 
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What the 'remedy' will do is offer you the chance to put your 'around a year' back with your AFPS 75 accrued pension. The new service will count in AFPS 15. I am sure I answered this before but .....

If you want a tailored description of what that means for you, and you are a member of the Forces Pension Society, contact the Pensions Team and one of my colleagues will set the facts out.
 
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